Gold: Pouring your first gold bar is always a good reason to work through Easter
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Who works on Easter Monday?
Laneway Resources (ASX:LNY) does — the miner poured first gold from its Agate Creek gold project in Queensland yesterday.
Three gold and silver bullion doré bars weighing about 22kg all up were poured from the shallow, high grade 89,000oz Sherwood deposit.
Laneway reckons it took about 1300 tonnes of Agate Creek ore at an average grade of 15g/t gold to produce these 3 bars:
Ore mined and transported from the Sherwood deposit to a third-party processing plant is expected to continue for another 10-12 weeks.
The explorer will use the cash from mining Sherwood to finance exploration across the wider 648 sq km Agate project, plus progress its NZ gold assets and its Ashford king coal project in NSW.
Unsurprisingly, the Laneway share price — which is up about 15 per cent in morning trade — has been on a recent tear, up 180 per cent over the past three months.
The company was contacted for additional comment.
The Yandal gold project will cost just $42m to build and make big $$ over an initial four-year life, Echo Resources (ASX:EAR) says. The project bankable feasibly study (BFS) is based on processing 6.9Mt of ore at an average grade of 1.86g/t gold for about 379,000oz – that’s about 95,000oz a year.
It’ll cost $1100/oz to mine, but the company should still make a tidy $190m profit at ~$1700/oz gold prices. (That’s Australian gold prices, by the way.)
Debt financing proposals have been received from a range of lenders, “which range up to A$45 million and have the potential to cover the entire pre-production capital”, Echo says. The news wasn’t a hit with investors, with the stock down about 6.5 per cent in morning trade.
The guy selling the Currans Find gold project to Venus Metals (ASX:VMC) and Rox Resources (ASX:RXL) recently stumbled upon a near‐surface and strongly gold‐mineralised quartz reef.
Here’s a sample:
This reef, informally named ‘Taylor’s Reef’ after the man that discovered it, occurs in an area where almost no historical drilling has taken place. It’s a high‐priority target for an upcoming drilling program, Venus says. Venus was up about 7 per cent to 15.5c in morning trade.
Titan Minerals (ASX:TTM) has locked in the purchase of a development-ready Peruvian gold project. Titan says the Coriorcco project could be a high-grade, low-tonnage mine development within 80km of its Vista processing plant. The company is currently considering a merger with TSX-listed Core Gold to create a diversified, Latin America-focused, ASX-listed gold company.